That makes it tougher for Mr Kuczynski to meet the target for this year's fiscal deficit.
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Mr Toledo's economy minister, Pedro Pablo Kuczynski, is a former Wall Street banker, committed to privatisations and market reforms.
Mr Toledo's chief economic adviser is Pedro Pablo Kuczynski, an experienced former energy minister and fund manager, who leads a team of technocrats.
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One panel member, Pedro Pablo Kuczynski of Peru, observed at a forum on the paper that countries employing "Champagne labor laws with beer incomes" are asking for off-the-books economies.
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Mr Silva is less orthodox than Mr Kuczynski, but is still seen by investors as a safe pair of hands: he is unlikely to allow spending to run amok.
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